December 18th Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
Yesterday, BTC spiked upwards, briefly breaking through short positions before quickly falling back. The fundamentals remain unfavorable. The daily chart shows a break below the upward channel, forming a short-term downward channel, awaiting consolidation. Monitor the fundamental situation closely. The weekly chart still maintains a downward trend, awaiting stabilization.
Bitcoin (2) is consolidating in tandem with BTC ( 1), breaking its upward channel and forming a short-term downward channel. It's awaiting further consolidation. The daily chart shows a slight head and shoulders pattern, indicating further downside potential.
Altcoins followed the mainstream trend and corrected, but overall liquidity remains poor. We'll wait for altcoins to stabilize before considering any action. Alpha activity points requirements are getting increasingly higher, so we've paused point farming and will consider restarting it once the requirements decrease.
Intraday Market Analysis
BTC is below the healthy range on both the 1-hour and 4-hour charts, and also below the healthy range on the daily chart. Intraday consolidation is expected, with significant resistance above making a breakout difficult. Intraday support is at 84000-84500, and resistance is at 88000-88500.
ETH is below its healthy range on both the 1-hour and 4-hour charts, and also below it on the daily chart. Intraday consolidation is expected, with significant resistance above making a breakout difficult. Intraday support is at 2750-2800, and resistance is at 2900-2970.
